Where are Welsh homes most and least affordable?
Housing in Port Talbot, which is in the most affordable county in Wales
- Published
Neath Port Talbot is the most affordable place to buy a home in Wales, according to new analysis by the Office for National Statistics.
Calculations based on average house prices and what people earn, external show full-time employees there can expect to pay 4.3 times their annual earnings to buy a home.
The average across the whole of Wales is people paying 6.1 times annual earnings.
Vale of Glamorgan is the least affordable county in Wales – with houses costing nearly 9.7 times annual earnings.
ONS has estimated that the average house in the year to September 2023 sold for £196,500 in Wales, based on Land Registry figures.
It then worked out the affordability ratio based on average full-time earnings of £32,400.
It said the average Welsh ratio was slightly lower than 2022 but not significantly so.
The affordability ratio peaked at 6.6 in 2007 and has been falling since 2021.
Only Conwy, Flintshire, Newport and Pembrokeshire did not see housing affordability improve compared to 2022.
Neath Port Talbot is the ninth most affordable county across England and Wales, with Kensington and Chelsea in London the least affordable local authority area. There house prices are more than 34 times average annual earnings.
It also found the most affordable area in London was still less affordable than the least affordable area in north east England.
After Vale of Glamorgan, Monmouthshire and Ceredigion were the least affordable counties to live, based on average full-time earnings.
Highest average prices for houses (£)
Cowbridge, Vale of Glamorgan 529,995
Cyncoed South & Roath Park, Cardiff 517,500
Ogmore-by-Sea & Llandow, Vale of Glamorgan 480,001
Lisvane, Cardiff 429,995
Peterston-super-Ely & Wenvoe, Vale of Glamorgan 425,000
Crickhowell, Llangynidr & Llangorse, Powys 425,000
Penylan North, Cardiff 422,500
Heath, Cardiff 422,500
Rhaglan & Llantilio Crossenny, Monmouthshire 420,000
Chepstow North & Trellech, Monmouthshire 415,000
At a very local level, Cowbridge in the Vale of Glamorgan had the highest average price paid for a house last year in Wales, followed by part of Cyncoed in north Cardiff.
Lowest average prices for houses (£)
Tonypandy West & Clydach Vale, RCT 110,000
Townhill, Swansea 110,000
Caerau, Bridgend 110,000
Abertillery South & Llanhilleth, Blaenau Gwent 110,000
Merthyr Vale, Troed-y-rhiw & Bedlinog, Merthyr Tydfil 106,000
New Tredegar & Darren Valley, Caerphilly 101,500
Treherbert, RCT, 100,000
Penrhiwceibr, RCT 95,000
Ferndale & Maerdy, RCT, 95,000
Tylorstown, RCT, 85,000
The lowest was around Tylorstown in Rhondda Cynon Taf, which had four communities in the lowest four for average house prices, in the year to September 2023.